Life just gets in the way!

That is a phrase I often hear as an excuse for not getting something done. In fact, those words are a frequent player in my own personal bank of excuses!

The same is true when it comes to personal financial decisions. There’s always going to be something or someone to spend your hard-earned money on. Now let’s be real, sometimes those things are boring, like bills, student loans, or mortgage payments. It’s so easy to put off saving as something you can do “later” when “life calms down a bit” because, let’s be real again, saving your money is boring too!

As a fellow busy human being, I can tell you that life probably isn’t going to ever calm down a bit, so you should do some planning for you now! I promise, even the smallest steps will make you feel better.

One of the smartest things you can do for yourself to relieve some financial stress is to build up an emergency fund. Having a few months of expenses set aside for a “rainy day” can greatly increase your day to day financial peace of mind.

Taking that first step toward saving can be a tough decision to make, but it should be easy! I frequently see clients, friends, and family assume that if they can’t save hundreds or thousands of dollars, what’s the point of saving at all? It won’t matter. Have you felt that way before? I know I have and sometimes still do. Setting up a savings strategy can be as easy as 1-2-3! Start small. Put away $50 or even $25 per paycheck. If you get paid on a bi-weekly basis and save $50 each time, that adds up to $1,300 every year! If you start saving at 30 and retire at 65, that’s $45,500 just sitting there waiting for you!

This number could be even greater if you choose an avenue that will earn you interest. There are several roads that could earn you a bit of extra dough on your savings with low risk: online savings accounts, certificates of deposit, or even some small-time investment apps on your phone to dabble in.

Idea: Have the money taken directly from your paycheck and deposited into a savings account that you never use and won’t touch. Once it hits your regular checking, there’s the temptation to swipe that debit card and spend it now. Avoid that temptation!

Another simple way to save comes courtesy of one of my financial SHEros- my mom! She saves all of her $5 bills that come her way. She takes them and puts them in a piggy-bank. Out of sight, out of mind. A $5 bill here and there seems like a small deal as you’re socking it away, but over the years, this way of saving can add up quickly! When life hands you fives, stash ’em away!

Are you ready to take some new steps towards saving? Share your strategy! Goal transparency and an accountability buddy can make a huge difference in your success! If you have any questions or want to see more about any particular topic, email me at [email protected] or even call me (whaaa?! call someone?!) at (607) 936-3785.